MTD - Who?

  • If you are trading - but not through a limited company or partnership, (ie you are a sole Trader)

    OR

  • If you are renting property

AND

  • the total of both gross incomes is:

    • more than £50,000 in 2024/25 (you are in MTD form 6th April 2026)

    • more than £30,000 in 2025/26 (you are in MTD from 6th April 2027)

    • more than £20,000 in 2026/27) (you are in MTD from 6th April 2028)

MTD - What:

  • “Digital Records” - you have to have systems that capture:

    • Income & costs - what types of incomes & what types of costs

    • When - dates of the transactions

  • Filings:

    • Instead of one Tax Return: 5 (yes FIVE) online returns to HMRC

    • These have to go directly from your system to HMRC’s system

How Naked Accounting Can Help you:

  • We set you up on and hold your hand with the best and easiest systems:

    • Dext Solo

    • Hammock

    • Xero

  • We have been using (only) cloud systems since we started:

    • Frankly, we could have done MTD filings for our clients more than a decade ago!